I am still waiting for the management reports related to the quarter. It is very unprofessional not to issue these ASAP with the conference call scheduled for early Thursday morning and so much information dumped on shareholders.

The company was carrying a very unrealistic asset value including goodwill on the books relating to the Zars acquisition, Management wrote off a portion of this which was a bit surprising in that Pliaglis hasn't even been launched yet. I have no idea if this will impact the share price as it was a non-cash write off and considering the share value I doubt that the market was valuing the assets at anything close to what the company was carrying on their books.

What is clear from the exercise is the company believes it overpaid for the Zars acquisition (surprise, surprise). However, we shareholders already took that hit through the share dilution and subsequent fall in the share price which has been my beef with management for the last couple of years. Where the stock goes from here depends on the commercial success of Pliaglis in the short run, the medium term success in getting Pennsaid 2% approval and the longer term development of WF10. Most folks are banking on the future revenues from these assets and right now these have only one way to go and that is up.

Based on the write-off and failed marketing of Synera bonuses should be scrapped and head(s) rolled. The AGM should become a referendum on management and the Board. Quite frankly there is a cash flow gap that needs to be closed and one way to do that is to cut O & M - specifically executive compensation. The alternative is to allow management to keep on earning unsustainable amounts of money and potentially end up with the more shares or a debenture being issued. I feel that seven years has been more than enough time for this group.